NEW YORK (TheStreet) -- Apple gets set to report third-quarter earnings after the close of trading. Expectations are low, but that could be the sign the bottom is in.

Analysts surveyed by Thomson Reuters expect Apple to earn $7.32 per share on $35.01 billion in revenue for the quarter ended June 30. For Apple's fourth quarter, analysts surveyed are expecting $7.95 per share in earnings on $37.08 billion in sales.

The next two quarters could be the trough for Apple, as the company gets set to refresh its product cycle later this year and early in 2014. "With Apple on the verge of what we believe will be a major product cycle over the next 12-18 months and the stock trading at an anemic 6x CY14 P/E multiple (ex-cash), we believe it would be shortsighted to place too much emphasis on the Company's near-term financial performance," Topeka Capital Markets analyst wrote in an earnings preview.